Good Morning, Traders!…👋

U.S. equity futures are edging higher this morning, while Treasury bond yields continue to retreat. Investors are eyeing key labor market data and Federal Reserve updates as anticipation builds for Chairman Jerome Powell's speech at Jackson Hole later this week.

The focus has been on Powell’s address at the Fed's annual symposium, where investors are eager for insights on the autumn rate path amidst a resilient economy and easing inflation.

Last night, Wall Street saw its eight-day win streak come to an end, with the S&P 500 slipping 11 points in thin trading volumes—a move that snapped its longest run of gains since November last year.

Looking ahead, all eyes will be on today’s major release from the Bureau of Labor Statistics, which will revise job creation estimates for the period between April 2023 and March 2024.

Happening Today

✓ 10:00 AM ET – Payrolls Benchmark, n.s.a.

✓ 10:30 AM ET – Crude Oil Inventories

✓ 10:30 AM ET – Cushing Crude Oil Inventories

✓ 01:00 PM ET – 20-Year Bond Auction

✓ 02:00 PM ET – FOMC Meeting Minutes

PREMARKET SNAPSHOT📈

Market futures are up, with the S&P 500, Dow, and NASDAQ all showing gains.

SECTOR SNAPSHOT✨

The market had a mixed day, with slight gains in Consumer Staples and Health Care offering some support. Real Estate and Communication Services managed to stay in positive territory, though just barely. However, Energy saw a notable decline, pulling back significantly, while Financials and Industrials also struggled. Information Technology faced a minor dip, reflecting some hesitation in the sector. Overall, the market sentiment was cautious, with more sectors ending in the red than the green.

PreMarket Unusual Volume Stocks

📈 Galmed Pharmaceuticals Ltd (GLMD): Galmed Pharmaceuticals Ltd experienced a significant increase in trading activity with a volume of 9,342,603, far exceeding its average volume of 48,320. This surge in activity led to a 16.03% price change, reflecting heightened market interest.

📈 Gaxos.AI Inc (GXAI): Gaxos.AI Inc saw a substantial rise in volume, trading 2,684,252 shares compared to its average of 146,020. This increase in trading volume resulted in a 5.20% price change.

📈 Revelation Biosciences Inc (REVB): Revelation Biosciences Inc's trading volume rose to 10,023,244, significantly higher than its average of 664,170. The stock's price change of 140.75% mirrors this spike in trading volume.

📈 Mynaric AG ADR (MYNA): Mynaric AG ADR saw its volume rise to 170,671, far surpassing its average of 28,580. Despite the increased trading activity, the stock experienced a -24.04% price change.

📈 Stronghold Digital Mining Inc (SDIG): Stronghold Digital Mining Inc's volume spiked to 3,329,317, a substantial increase from its average of 592,410. The stock's 42.66% price change highlights the impact of the increased trading activity.

Premarket Picks

Bio-Path Holdings, Inc. (BPTH) is leading the premarket gainers with a substantial surge of 47.65%. The company's positive updates from ongoing cancer treatment trials have fueled investor enthusiasm.

Vicinity Motor Corp. (VEV) follows closely with a 32.57% increase, driven by a newly secured financial restructuring plan to address lender demands.

BigBear.ai Holdings, Inc. (BBAI) has also seen a significant rise of 27.82%, benefiting from a recent award as a subcontractor to Concept Solutions, LLC.

Anew Medical, Inc. (WENA) rounds out the top gainers with a 27.18% increase, fueled by the acquisition of a needle-free injection technology through a licensing agreement with Transfertech Sherbrooke.

Below is a list of other hot stocks in pre-market today:

Top Upgrades:

1. Corning Incorporated (GLW)

Analyst Firm: Mizuho
Upgrade: Neutral to Outperform
Price Target: $47 (Previous: $44)
Yesterday’s Close: $40.73

Mizuho has upgraded Corning Incorporated’s stock from "Neutral" to "Outperform," raising the price target from $44 to $47. This upgrade underscores Mizuho’s increased confidence in Corning’s market performance.

Corning, a global leader in materials science with a 170-year legacy of innovation, has been assigned price targets by analysts ranging from a low of $37.00 to a high of $55.00, with an average target of $44.92, reflecting the company’s strong market presence and growth potential.

2. Dada Nexus Limited (DADA)

Analyst Firm: Citi
Upgrade: Sell to Neutral
Price Target: $1.50 (Previous: $1)
Yesterday’s Close: $1.32

Citi analyst Alicia Yap has upgraded Dada Nexus Limited from "Sell" to "Neutral," raising the price target from $1 to $1.50. This adjustment reflects a more balanced outlook on the company’s performance.

Dada Nexus, China’s leading platform for on-demand retail and delivery, has seen analyst price targets ranging from a low of $1.70 to a high of $5.00, with an average target of $3.35. These estimates highlight the company’s pivotal role in China’s rapidly expanding e-commerce and logistics sectors.

3. Texas Instruments Incorporated (TXN)

Analyst Firm: Citi
Upgrade: Neutral to Buy
Price Target: $235 (Previous: $200)
Yesterday’s Close: $202.54

Citi has upgraded Texas Instruments Incorporated from "Neutral" to "Buy," increasing the price target from $200 to $235. This upgrade reflects heightened optimism about the company’s future prospects.

Texas Instruments, a key player in the global semiconductor industry, has analyst price targets ranging from a low of $115.00 to a high of $268.00, with an average target of $210.76. This range underscores the company’s robust position across various markets, including industrial, automotive, and personal electronics.

Happy investing,

Maeve Grace
Editor In Chief
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Important: This newsletter does not provide investment advice. The stocks mentioned should not be taken as recommendations. Your investments are solely your decisions.

Disclosure: I hold no positions in any companies mentioned, either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.